April 25, 2012, 9:00 a.m. EDT
TutorGroup Raises US$15 million from Qiming Venture Partners to Fund Expansion
in China
TutorGroup獲啟明創投注資1500萬美元 加速拓展中國市場
媒體來源：Wall Street Journal 華爾街日報
SHANGHAI, April 25, 2012 /PRNewswire via COMTEX/ -- Online language live
tutoring company TutorGroup (the parent company of VIPABC.com and TutorABC.com),
a premier provider of live synchronous e-Learning services, announced today that
it has raised US$15 million in growth financing from Qiming Venture Partners.
This investment will fund the rapid expansion and broad delivery of TutorGroup
services throughout China.
The fast growth of China's private education market is being driven by
globalization, and the English tutoring segment that TutorGroup primarily
targets has an addressable market of over US$17 billion by 2015, which is
growing at 25% annually. Mr. JP Gan, Managing Partner of Qiming Venture
Partners, said: "We value the tremendous potential of TutorGroup's scalability,
augmented by worldwide teaching resources via internet; TutorGroup's tutors and
customers are all situated all around the world, a true practice of globally
operating business model." He added, "We look forward to building a great
company together and becoming the world's largest online education platform."
Dr. Eric Yang, TutorGroup's CEO, said: "Our partnership with QiMing Venture
Partners represents another significant milestone for TutorGroup. It
demonstrates a strong acknowledgement of our achievement and viability of our
business model."
Since 2004, TutorGroup has been a leader in the development of a scalable
e-Learning platform for 24/7/365 non-stop live tutoring. TutorGroup is currently
one of the world's largest online live language training companies to provide
its customers self booking and customized learning solution with its proprietary
software for dynamic learning experience. Synchronous interaction between
teachers and students during online classes has swept the market of professional
clienteles and major corporate. To date, with VIPABC.com and TutorABC.com in
mainland China and Taiwan respectively, TutorGroup has conducted over 5 million
classes for their student and clients accessing in 14 countries.
To address and maintain teacher quality, TutorGroup as a leading brand employs
the industry's most rigorous training program; and TutorGroup was the first to
introduce a merit pay program where student review of teacher performance sets
teacher pay, creating a self-sustaining ecosystem of top quality instructors.
TutorGroup has established a cloud computing architecture for personalized
language training. This proprietary architecture is today complimented by a
network of over 1,000 certified tutors in 60 cities worldwide, providing
students 24/7 access to quality English language consulting in 14 countries.
TutorGroup offers online classes from conversational and business English to
preparation for standardized language tests. With its suite of proprietary
software modules to monitor and enhance the live learning experience and
patented fuzzy-coupling mechanism that smart-selects lesson plans and teachers
based on the student's background, preferences, proficiency level and needs,
TutorGroup has redefined the concept of customized learning solutions.
TutorGroup's launch of its browser-based TutorMobile® classroom on the Android
platform in 2011 marked the world's first synchronous application of its kind;
and the much anticipated release of TutorMobile® on the iOS for both iPads and
iPhones in the second quarter of 2012 will again raise the bar in classroom
delivery, making learning truly mobile and universally accessible.
Dr. Eric Yang, TutorGroup's CEO, said: "Teaching is noble and virtually still a
service business. TutorGroup embraces e-learning 2.0 and strives for each
customer to take control of and maximize the use of their time in learning. The
internet has flattened the world, and it has changed the fundamental landscape
of education. We will continue to bring disruptive innovation into this evolving
frontier. TutorGroup's quality of education is built upon our 'Education as a
Service' philosophy."
TutorGroup's initial focus on the language learning needs of working
professionals and major corporate has quickly expanded into multiple brands and
products to service different markets. Of particular importance is the addition
of TutorABCJr.com for students from grades 6 to 12 and Mandarin language
training under the TutorMing.com brand, a premium segment showing promising
growth. Notably the number of AP Chinese language exam test takers and those
studying Mandarin in US colleges have doubled in recent years, making Mandarin
the fastest growing second language in the U.S. On a worldwide scale, learners
of Mandarin have reportedly reached 40 million. This trend signals an enormous
market opportunity for accelerating TutorGroup's expansion into diverse
geographic and language markets.
About Qiming Venture Partners
Qiming Venture Partners is a leading venture capital firm in China with offices
in Shanghai, Beijing, Hong Kong, and Seattle. Founded in February 2006, Qiming
currently manages five funds with US$1.1 Billion in assets and focuses on early
to growth stage investments in Information Technology, Internet and Consumer,
Healthcare, and Cleantech. Qiming's over 20 partners and investment
professionals who all have strong operational experience and successful
investment track records add a great deal of value to the portfolio companies.
Qiming has invested in over 60 companies and many of them have gone IPO or
mergers and acquisitions. Qiming has established a great reputation and strives
to be the top investment partner by the Chinese entrepreneurs. Visit
www.qimingventures.com for more information.
About TutorGroup
Founded in 2004, TutorGroup is a leading, online language institute specializing
in English training in Asia and Mandarin Chinese training for global business
professionals. TutorGroup created the first commercially available synchronous
learning portal in the world and developed four prominent service product
businesses including VIPABC.com, TutorABC.com, TutorABCJr.com for English
training and TutorMing.com for Mandarin Chinese. To date TutorGroup has
conducted over 5 million classes in 14 countries. Visit www.tutor-group.com for
more information.
Contacts:
TutorGroup Inc.+86-4006303022 Investor Relations: ir@tutor-group.com Press
Inquiry: press@tutor-group.com
SOURCE TutorGroup Inc.
Copyright (C) 2012 PR Newswire. All rights reserved
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